BOULDER, COLO. — Purely Elizabeth, maker of organic granola, ready-to-eat cereal and oatmeal, has received a minority investment of $3 million from 301 INC, the business development and venturing unit of General Mills.
301 INC’s investment is the only outside funding Purely Elizabeth has accepted to date, the company said, and will allow the brand to launch new product lines at a faster pace.
|Elizabeth Stein, founder and c.e.o. of Purely Elizabeth|
"We are thrilled to partner with 301 INC to help foster and grow the vision of the brand, and we look forward to seeing what we can accomplish together," said Elizabeth Stein, founder and chief executive officer of Purely Elizabeth. "This investment is a great validation that Purely Elizabeth has become a brand to watch in the natural foods industry. Our strategic partnership allows us to utilize the resources and support of General Mills to boost our new product development, furthering our mission to redefine the standards of packaged foods."
Founded in 2009, Purely Elizabeth sells its products in about 9,000 retail outlets nationwide. The brand’s portfolio includes ancient grain, grain-free and probiotic granolas, ancient grain muesli, oatmeal and cereal. All products are made with certified gluten-free, vegan, organic and Non-GMO Project verified ingredients and are free of artificial colors, sweeteners and preservatives.
This summer Purely Elizabeth plans to launch a line of mushroom-powered Wellness Bars made from a base of the brand’s original ancient grain granola combined with OM Mushroom Formula.
|John Haugen, vice-president and general manager of 301 INC|
"Purely Elizabeth is a remarkable brand with a premium breadth of products that have had incredible success in the natural and organic foods channel," said John Haugen, vice-president and general manager of 301 INC. "Purely Elizabeth continues to be a stand-out in the nutrient-dense foods. We look forward to helping the brand unlock new areas of growth."Purely Elizabeth joins a growing group of 301 INC’s brand investments. The unit has invested in several brands within the past year, including Farmhouse Culture, D’s Naturals, Rhythm Superfoods, Good Culture, Kite Hill and Tio Gazpacho.